In today’s briefing:
- FXI Rebalance Preview: Pop Mart (9992 HK) Pops Up Again
- Tata Motors Q4 & FY25 Update: Strong Financial Performance with Focus on EV Growth
- Asics (7936) | Q1 Earnings Impress, But Market Reacts to Unchanged Guidance
- Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside
- Fast Fitness Japan Inc (7092 JP): Full-year FY03/25 flash update
- Can the India’s Largest Motorcycle Manufacturer Maintain Its Dominance?
- Green Tea Group IPO Trading – Decent Institutional Coverage, Likely to Trade Well
- Shakey’s Pizza (PIZZA PM): Soft Q1 FY25, Guidance For Stronger FY25
- Musashi Seimitsu Industry Co (7220 JP): Full-year FY03/25 flash update
- Nhk Spring (5991 JP): Full-year FY03/25 flash update
FXI Rebalance Preview: Pop Mart (9992 HK) Pops Up Again
- With two days left in the review period, Pop Mart International Group L (9992 HK) could replace China Railway Group Ltd H (390 HK) in the FXI ETF in June.
- The inclusion of Pop Mart International Group L (9992 HK) in the iShares China Large-Cap (FXI) (FXI US) will add to the potential inclusion of the stock in other indices.
- Short interest has been increasing in both stocks. Multiple index inclusions could result in short covering in Pop Mart while China Railway Group‘s stock price has been bouncing off its lows.
Tata Motors Q4 & FY25 Update: Strong Financial Performance with Focus on EV Growth
- Tata Motors posted its highest-ever annual revenue and PBT for FY25, with strong sequential growth in Q4 driven by robust performance in both commercial and passenger vehicle segments.
- The company successfully managed to navigate global trade and tariff challenges, improved its profitability through cost-saving measures, and expanded its leadership in electric mobility.
- The results demonstrate Tata Motors’ resilience and long-term growth strategy, especially with a continued focus on electric vehicles and new product innovations.
Asics (7936) | Q1 Earnings Impress, But Market Reacts to Unchanged Guidance
- Asics reported its first-quarter results during trading hours, with the stock closing down 8.6% on the day.
- While headline numbers were strong, investors may have been disappointed by the lack of upward revision to full-year guidance.
- Our positive view on Asics remains unchanged. The company is successfully navigating geopolitical and macro uncertainties while strengthening its brand.
Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside
- Geely announced that total revenue increased by 25% YoY in 1Q25.
- Sales volume continued to grew strongly by 53% YoY in April 2025.
- The operating margin improved YoY for the third quarter in 1Q25.
Fast Fitness Japan Inc (7092 JP): Full-year FY03/25 flash update
- FY03/25 revenue increased 13.8% YoY to JPY18.0bn, driven by membership growth in domestic Anytime Fitness clubs.
- Operating profit decreased 4.7% YoY to JPY3.3bn due to higher costs, despite revenue growth and cost-curbing efforts.
- FY03/25 saw 71 club openings and 11 closures, ending with 1,194 clubs and 974,000 members.
Can the India’s Largest Motorcycle Manufacturer Maintain Its Dominance?
- This note examines Hero Motocorp (HMCL IN)’s market share trajectory in the context of broader two-wheeler industry trends.
- It also highlights internal leadership churn and execution issues post split from Honda Motor (7267 JP)
- Finally, this note reviews the strategic outlook and key challenges ahead for the company, despite its discounted valuation compared to peers.
Green Tea Group IPO Trading – Decent Institutional Coverage, Likely to Trade Well
- Green Tea Group (GTG) raised around US$ 110m in its Hong Kong IPO in its Hong Kong IPO.
- Green Tea is the fourth largest Casual Chinese Cuisine player in Mainland China, it has been gaining market share historically and is likely to continue doing so.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Shakey’s Pizza (PIZZA PM): Soft Q1 FY25, Guidance For Stronger FY25
- Shakey’s Pizza (PIZZA PM) delivered a soft Q1 FY25 with revenues/profits up 14%/6% YoY, due to a slight GP margin contraction (to 22% vs 23.3% in Q1 FY24)
- The company reiterated its guidance of double-digit revenue/profit growth for FY25, with improvements in sequential quarters.
- Trading at 10.1x FY25e PE, with the street having low expectations on its double-digit growth trajectory, this is a stock worth watching.
Musashi Seimitsu Industry Co (7220 JP): Full-year FY03/25 flash update
- Revenue decreased by 0.8% YoY to JPY347.2bn, while operating profit increased by 7.3% YoY to JPY19.7bn.
- Recurring profit rose 15.6% YoY to JPY18.0bn; net income attributable to owners of the parent fell 1.8% YoY.
- Revenue achievement rate was 103.6% against the full-year forecast; operating profit achievement was 106.6%.
Nhk Spring (5991 JP): Full-year FY03/25 flash update
- Revenue increased by 4.5% YoY, with operating profit up 50.5% YoY, achieving 100.2% of revenue target.
- Automotive-related business saw increased demand for HEVs and HDD components, boosting revenue and profit significantly.
- FY03/26 forecast: Revenue of JPY800.0bn, operating profit of JPY47.0bn, with a dividend payout ratio of 33.6%.
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